Posted on: 27th Jul, 2010 02:05 pm
My bf is buying a condo for us and his ratios for his averaged income arnt good enough to get approved for more then 185,000 the place is 295,000. We are putting 20% percent down but need to come up with that difference. If his father co signs on the conventional loan , can he get approved for more. His father has a large income and good credit
Hi dmr,
As you've mentioned that your boyfriend's father has a large income and a good credit, if he co-signs for the loan, then your your boyfriend will be able to qualify for a loan of $ 295,000.
As you've mentioned that your boyfriend's father has a large income and a good credit, if he co-signs for the loan, then your your boyfriend will be able to qualify for a loan of $ 295,000.
Depending on how much the father makes and how much debt he incurs monthly will determine if your boyfriend will be able to get a higher loan amount if he adds him. You mentioned going conventional. If you add the father as a co-signor, you will probably have to take out a Freddie Mac mortgage or an FHA mortgage. Fannie doesn't allow non occupying cosignors.
